RPBAX vs. FBALX

Last updated Jun 24, 2026

RPBAX (T. Rowe Price Balanced Fund) and FBALX (Fidelity Balanced Fund) are both Diversified Portfolio funds. Over the past 10 years, RPBAX returned 9.10%/yr vs 11.98%/yr for FBALX. Their correlation of 0.93 suggests significant overlap in exposure. RPBAX charges 0.57%/yr vs 0.46%/yr for FBALX.

Performance

RPBAX vs. FBALX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Balanced Fund (RPBAX) and Fidelity Balanced Fund (FBALX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RPBAX achieves a 6.20% return, which is significantly lower than FBALX's 9.80% return. Over the past 10 years, RPBAX has underperformed FBALX with an annualized return of 9.10%, while FBALX has yielded a comparatively higher 11.98% annualized return.

RPBAX

• 1D: -0.27%
• 1M: 0.33%
• YTD: 6.20%
• 6M: 5.75%
• 1Y: 16.74%
• 3Y*: 14.10%
• 5Y*: 7.09%
• 10Y*: 9.10%

FBALX

• 1D: -0.37%
• 1M: 1.03%
• YTD: 9.80%
• 6M: 9.32%
• 1Y: 22.66%
• 3Y*: 16.25%
• 5Y*: 9.12%
• 10Y*: 11.98%

*Multi-year figures are annualized to reflect compound growth (CAGR)

RPBAX vs. FBALX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RPBAX T. Rowe Price Balanced Fund	6.20%	16.06%	11.71%	18.01%	-17.28%	13.29%	14.54%	20.75%	-4.89%	12.58%
FBALX Fidelity Balanced Fund	9.80%	15.11%	16.09%	20.31%	-18.29%	18.27%	22.45%	24.40%	-3.98%	16.52%

Correlation

The correlation between RPBAX and FBALX is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Jan 2, 1990	0.93

The correlation between RPBAX and FBALX has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.

Return for Risk

RPBAX vs. FBALX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

RPBAX

RPBAX Risk / Return Rank: 53
RPBAX Sharpe Ratio Rank: 54
RPBAX Sortino Ratio Rank: 55
RPBAX Omega Ratio Rank: 54
RPBAX Calmar Ratio Rank: 45
RPBAX Martin Ratio Rank: 57

FBALX

FBALX Risk / Return Rank: 85
FBALX Sharpe Ratio Rank: 86
FBALX Sortino Ratio Rank: 82
FBALX Omega Ratio Rank: 81
FBALX Calmar Ratio Rank: 83
FBALX Martin Ratio Rank: 91

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

RPBAX vs. FBALX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Balanced Fund (RPBAX) and Fidelity Balanced Fund (FBALX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	RPBAX	FBALX	Difference
Sharpe ratio: Return per unit of total volatility	2.00	2.58	-0.58
Sortino ratio: Return per unit of downside risk	2.86	3.58	-0.72
Omega ratio: Gain probability vs. loss probability	1.37	1.49	-0.12
Calmar ratio: Return relative to maximum drawdown	2.45	3.65	-1.20
Martin ratio: Return relative to average drawdown	10.78	17.07	-6.28

RPBAX vs. FBALX - Sharpe Ratio Comparison

The current RPBAX Sharpe Ratio is 2.00, which is comparable to the FBALX Sharpe Ratio of 2.58. The chart below compares the historical Sharpe Ratios of RPBAX and FBALX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

RPBAX vs. FBALX - Drawdown Comparison

The maximum RPBAX drawdown since its inception was -40.79%, smaller than the maximum FBALX drawdown of -43.57%. Use the drawdown chart below to compare losses from any high point for RPBAX and FBALX.

Drawdown Indicators

	RPBAX	FBALX	Difference
Max Drawdown Largest peak-to-trough decline	-40.79%	-43.57%	+2.78%
Max Drawdown (1Y) Largest decline over 1 year	-7.15%	-6.47%	-0.68%
Max Drawdown (3Y) Largest decline over 3 years	-10.43%	-12.88%	+2.45%
Max Drawdown (5Y) Largest decline over 5 years	-23.45%	-22.89%	-0.56%
Max Drawdown (10Y) Largest decline over 10 years	-25.49%	-26.68%	+1.19%
Current Drawdown Current decline from peak	-0.63%	-0.51%	-0.12%
Average Drawdown Average peak-to-trough decline	-4.14%	-4.37%	+0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.62%	1.38%	+0.24%

Volatility

RPBAX vs. FBALX - Volatility Comparison

The current volatility for T. Rowe Price Balanced Fund (RPBAX) is 3.25%, while Fidelity Balanced Fund (FBALX) has a volatility of 3.67%. This indicates that RPBAX experiences smaller price fluctuations and is considered to be less risky than FBALX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RPBAX	FBALX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.25%	3.67%	-0.42%
Volatility (6M) Calculated over the trailing 6-month period	7.42%	7.48%	-0.06%
Volatility (1Y) Calculated over the trailing 1-year period	8.79%	9.18%	-0.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.04%	12.26%	-1.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.66%	12.82%	-1.16%

RPBAX vs. FBALX - Expense Ratio Comparison

RPBAX has a 0.57% expense ratio, which is higher than FBALX's 0.46% expense ratio.

Dividends

RPBAX vs. FBALX - Dividend Comparison

RPBAX's dividend yield for the trailing twelve months is around 6.96%, more than FBALX's 5.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBALX Fidelity Balanced Fund	5.16%	5.69%	5.67%	2.28%	8.06%	9.66%	5.90%	4.24%	10.99%	7.90%	3.07%	7.70%
RPBAX T. Rowe Price Balanced Fund	6.96%	7.30%	7.28%	3.80%	5.03%	9.33%	4.59%	3.41%	8.42%	1.69%	2.96%	7.32%

Frequently Asked Questions

Can I hold both RPBAX and FBALX in my portfolio?

With a correlation of 0.92, RPBAX and FBALX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, RPBAX or FBALX?

FBALX has higher volatility (3.67%) compared to RPBAX (3.25%). In terms of maximum drawdown, RPBAX dropped -40.79% vs FBALX's -43.57%.

Which has better risk-adjusted returns?

FBALX currently has the higher Sharpe Ratio (2.58 vs 2.00), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.